Mega Matrix is mobilizing a potential $2 billion in capital through a new shelf registration, aiming to execute a corporate-scale accumulation of key stablecoin governance tokens and corner nascent markets for protocol influence.
Summary
- Mega Matrix filed $2 billion universal shelf registration with the SEC.
- The capital will fund systematic acquisition of stablecoin governance tokens.
- Shares fell 3.83% to $1.75 following the announcement, per Yahoo Finance.
According to a press release dated September 4, the Singapore-based holding company, which trades on the NYSE exchange under the ticker MPU, filed a universal shelf registration statement on Form F-3 with the SEC.
The filing seeks to provide Mega Matrix with the flexibility to issue up to $2 billion in various securities, including shares, debt, or warrants, over a three-year period. The company said the capital is earmarked for its “DeFi Asset Treasury,” DAT, strategy, with Ethena’s ENA token named as a primary target for systematic accumulation.
“The $2 billion universal shelf registration, once effective, provides MPU with the flexibility to support our DAT strategy in this new era. Governance tokens are the equity of stablecoin ecosystems, such as ENA. By building strategic positions, MPU gains both financial upside and a seat at the table where the future of money is being coded,” Mega Matrix management said.
Mega Matrix pivots to stablecoin governance
Mega Matrix, which operates the short-drama streaming platform FlexTV through its subsidiary Yuder Pte. Ltd., is now channeling its ambitions toward the core infrastructure of decentralized finance and aims to build “the largest” stablecoin governance token DAT company.
The company’s thesis, as stated in the release, is that governance tokens like ENA represent the equity of stablecoin ecosystems. Besides accruing potential financial returns, Mega Matrix is betting that its crypto treasury can accumulate significant voting power and give it a “seat at the table where the future of money is being coded.”
Per the statement, the company will offer securities “from time to time,” in response to specific capital needs and favorable market conditions. It clarified that the exact terms, including what type of security is sold and at what price, will be determined at the time of each individual offering and detailed in a subsequent prospectus filed with the SEC.
Initial market reaction was cautiously skeptical. Following the announcement, the company’s shares dropped 3.83% to $1.75, according to Yahoo Finance data.